Newark’s retail market is surging, fueled by a growing population, untapped consumer spending and an expanding ecosystem of local businesses, according to a new report titled “Retail Demand and Opportunity on Newark’s Commercial Corridors,” released by Invest Newark.
The report, developed with financial support from The Prudential Foundation, reveals significant opportunities for retailers to capture billions in unmet demand and retain more spending within Newark’s commercial corridors.
“Newark is continuing to establish itself as a prime retail destination for a wide range of national and local retailers,” said Emily Manz, chief business development officer and director of marketing for Invest Newark. “Residents of Newark have immense spending power. Unfortunately, one-third of that spending, $2 billion, is outside city limits. The opportunity to grow local businesses and attract targeted retail to capture that demand is now.”
The report provides detailed demographic and psychographic data on the consumers visiting five Newark business districts and analyzes consumer habits of residents across Newark’s five wards, highlighting unique unmet demands as well as areas where the city serves as a retail hub for the region. The study calls attention to the vast spending power of Newark residents and the need for new and existing retailers to meet this demand locally.
“Newarkers know their retail product and price point preferences and, like all consumers, are willing to travel to make their desired purchases,” said Newark Mayor Ras J. Baraka. “This report crystallizes our suspicion that, given local options, city residents would certainly spend their hard-earned dollars right here in their own neighborhoods, and it encourages us to entice more businesses into our city for their own profitability as well as the satisfaction of our shoppers.
“We are grateful for this study, which will undoubtedly go a long way in our city’s economic development towards becoming a shopper’s mecca.”
